News & Tips

Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

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FASB officially delays 4 major standards

FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

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IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.

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FASB approves guidance to assist in reference rate transition

FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.

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New opportunities for firms in SOC reporting

Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.

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FASB proposes clarifying hedge accounting standard

FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.

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Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.

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FASB addresses share-based payments to customers

Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.

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Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

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IFAC seeks consistency, accountants’ engagement in corporate reporting

The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.

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